Facebook co-founder renounces US citizenship

Eduardo Saverin will be doing a lot of long-distance poking from now on — and probably won't be giving the thumbs-up “like” to Uncle Sam. The billionaire co-founder of Facebook, Inc. has renounced his US citizenship.

Saverin, 30, forfeited his US citizenship back in August, Bloomberg News has learned. The maneuver isn’t all that magnificently out of the ordinary, though. According to a recent report from the US Internal Revenue Service that RT reported on earlier this year, Americans have been renouncing their citizenship in record numbers.

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The government is not going to let the co-founder of Facebook get away with avoiding taxes. The government is now trying to change the laws to go after Eduardo Saverin with new legislation.

Under the legislation, expatriates with either a net worth of at least $2 million or an average income tax liability of at least $148,000 over the last five years would be presumed to have renounced their citizenship for tax avoidance purposes. If expatriates can prove to the I.R.S. that they have a legitimate reason for turning their backs on the country, they would be left alone. If not, the I.R.S. would prospectively impose a tax on future investment gains, at 30 percent.